Travel + Leisure (TNL) Completes $375M Term Securitization

Travel + Leisure Co. (NYSE: TNL) announced today it completed a term securitization transaction involving the issuance of $375 million in principal amount of asset-backed notes with an overall weighted average coupon of 5.56%. The advance rate for this transaction was 96.00%.

“We are very pleased with the successful completion of our second term securitization of 2024, with interest rate and advance rate improvements over our March 2024 transaction,” said Mike Hug, Chief Financial Officer of Travel + Leisure Co. “These terms reflect the market’s confidence in Travel + Leisure and the quality and dependability of our business.”

Sierra Timeshare 2024-2 Receivables Funding LLC issued $169 million of Class A Notes, $82 million of Class B Notes, $87 million of Class C Notes, and $37 million of Class D Notes. The Class A Notes have a coupon of 5.14%, the Class B Notes have a coupon of 5.29%, the Class C Notes have a coupon of 5.83%, and the Class D Notes have a coupon of 7.48%.

Sierra Timeshare 2024-2 Receivables Funding LLC is an indirect subsidiary of Travel + Leisure Co. The transaction was completed in reliance upon Rule 144A and Regulation S as a placement of securities not registered under the Securities Act of 1933, as amended, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.

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